Today, technology is reshaping international trade. Coimex set out to solve trust issues in trade with its Web2 and Web3 solutions. All our services are designed to serve this purpose, modernizing the way companies do business. Previously, we covered our Web2 services, such as trade matching and end-to-end negotiation support, in this article: Coimex Matches Buyers and Sellers. In this article, we will focus on our Web3-based services, which go beyond the times. First, let’s briefly define Web2 and Web3 concepts.
What Are the Differences Between Web2 and Web3?
Web2 is the era when the internet gained an interactive and social dimension. It includes platforms like social media and e-commerce, where users transitioned from being content consumers to active creators.
Web3 represents a decentralized, secure internet concept built on blockchain technology, where users control their data. Web3 combines transparency, trust, and speed in the digital world.
Coimex’s Blockchain-Based Web3 Services
Coimex started with a web application launched in 2020, built on a Web2 system. However, with the new Web3 features developed alongside blockchain services, Coimex ensures a secure and efficient experience for companies in international trade. We aim to address the challenges faced by SMEs in developing regions. Through our Web3 financing services, crypto investors enable crowdfunding, making trade more democratic and decentralized.
1) Escrow Safe Payment
Coimex offers blockchain-based Escrow Safe Payment services for secure and fast payment processes in trade. This system minimizes fraud risks and enables secure trade for buyers and sellers. Under the supervision of Coimex, a sales agreement is signed, and the importer sends payment in USDT to an Escrow account. After delivery of the goods, the terms of the smart contract are checked, and payment is automatically transferred to the exporter.
The service has a fixed fee ($28) and a commission rate of 1-2% based on the transaction size. These costs are paid in EXIM and are significantly more economical compared to letter of credit expenses. The Escrow system ensures risk-free trade in regions where trust issues or currency transactions are challenging. It facilitates secure trade even with first-time partners, simplifying and supporting international trade processes.
2) Prompt Payment Assurance
Coimex’s Prompt Payment Assurance allows exporters to receive payments before goods reach the importer. This service is guaranteed by a pool funded through crowdfunding by crypto investors investing in Exim Token. Traditional methods where payments can take days or even weeks are expedited, optimizing cash flow and providing financial flexibility to exporters.
In the Escrow Safe Payment process, sellers can request Prompt Payment Assurance. Upon approval, payments are immediately released when documents (e.g., bill of lading) are uploaded to the escrow system. This process ensures payments are completed quickly and securely.
Prompt Payment Assurance enables early payments to suppliers, prevents disruptions in the supply chain, and ensures trade continuity. This increases supplier satisfaction and allows trade to proceed without interruptions. These features support Coimex’s mission to offer secure and fast trade solutions.
3) Commodity Token Marketplace
Coimex revolutionizes food trade through tokenization technology, tokenizing products like apricots, peanuts, sunflower seeds, and cocoa. Instead of physical products, Exim Token is used, and commodities are stored in secure, licensed warehouses. This avoids storage costs and price fluctuations, making trade more profitable.
Tokenized commodities provide two key financial benefits: Price stabilization allows importers to secure product prices, and hedging reduces financial risks and preserves value. For instance, purchasing during low-price seasons ensures profits without being affected by price increases.
The Coimex Commodity Token Marketplace is indexed to real market prices, offering transparent and secure trade. Quality control and price negotiation processes with farmers are managed, saving time for exporters. This service enables faster, fairer, and more reliable trade, offering significant advantages to users.
Trade with Exim Token
At the heart of the Coimex ecosystem, the Exim Token offers various benefits to both companies and investors.
Step Into the Future with Coimex
Coimex is an innovative platform that modernizes companies’ trade experiences in both the Web2 and Web3 worlds. This journey, starting with the effective solutions of Web2, goes beyond the times with the secure and decentralized technologies of Web3. Join the Coimex family to experience trust, speed, and innovation in international trade.
